The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1887-12-17


Department, presentations of distress
IN business circles not only continued
but increased, and absolute peril SEEM
ed at hand. Under these circumstan
ces the contribution to the Sinking
ing Fund for the current fiscal year
was at ouce completed by the expen-
diture of 1854, ,993 55 in the pur-
chase of Government bonds not yet
due and bearing four and four and a
half per cent. interest. The premiums
paid thereon average about "a per
cent. Tor the former and s per cent.
for the latter. In addition 20 this the
interest account accrping during the
current year upon the outstanding
bonded Indebtedness of the Govern
ment was to some extent anticipated,
and banks selected as repositories of
public money were permitted to some
what increase their deposits.
While the expedients thus employed
to release to The people the money
lying in the Tryasury served to avert
immediate danger, our surplus reve-
nues have continued to accumulate;
the excess for the present year amount
ing on the first day of December to
$33,2lS,S7l, and estimated to reach
tne sum OF $ll3,000,0 900 on the Both
OF June next, at which date it is ex-
pected that this sum, added 10 prior
accumulations, will swell the surplus
in the Treasury 10 $l40,550, 900.
There seems 10 be no assurance that
with such withdrawal from use of
the peoples circulating medium, our
business community in the near future
may not be subject To the same dis.
tress which was quite lately produced
from the same cause, and while the
functions OF our National Treasury
should be few and simple and while
its best condition would be reached
believe by It's entire disconnection
with all private business, yet, by u
perversion of lis purposes, it idly
holds money usually subtracted from
the channels of trade.
There seems 10 be reasons for the
claim thet adequate means should DC
devised by the Government To- restore
such money 10 lis place among the
people,
The President tEen proceeds to
mention the various proposed reme-
dies, one of which is that the present
bonded debt might he refunded at a
less rate of interest and the difference
between tho old and new securities
paid in cash, thus finding use for the
surplus in the Treasury
OF the proposition to deposit the
money held by tile Government in
banks throughout the country for the
use of the people, the President SAYS:
1T seems To me to be an exceedingly
Objectionable principle as reaching too
close n relationship between tie oper-
atiens of the country to the business
of the Government aud too extensive
comingling of their money, thus fos-
terng an unnatural reliance in private
business upon public funds. If this
scheme should be adopted it should
only be done as a temporary expedient
to meet an urgent necessity. Legisla-
tive and executive efforts should gen.
orally he in the opposite direction aud
should have tendency to divorce az
much and as fast as can safely be done
the Treasury Department from private
enterprises"
The President continues "I have
deemed it my duty thus to bring to
the knowledge of my countrymen as
we'll as to the attention of their repre-
sentatives, the gravity of the financial
situation. The failure of Congress
heretofore TO provide against the
danger which it was quite evident the
very nature of the difficulties must
necessarily produce, caused a condi-
ton of financial distress and apprehen-
sion since their last adjournment. II
disaster results from the continuous
inaction of Congress the responsibility
must rest where it belongs"